NEW DELHI Economic issues that can greatly influence regional equations are expected to be placed high on the agenda of talks between Indian Prime Minister Atal Behari Vajpayee and Pakistan President Pervez Musharraf.

Although special emphasis has been put on political axis of the two-day summit talks in Agra, slated for July 14, however, settlement of certain economic issues between the two countries not only will serve to bring the two neighbors closer to each other after years of "cool ties" but, also will benefit the regional states to lead a better life.

Among economic issues as has repeatedly pointed out by senior officials of the two sides, the project for transferring Iran gas to India is the most outstanding issue that will be certainly discussed by the Indian and Pakistani heads of state in their upcoming meeting.

The project has been a topic of discussion between Iranian and Indian officials in the past decade but a feeling of optimism that was prevailing between the two neighbors had always impeded implementation of the project.

New Delhi has repeatedly expressed its concern over the security of the pipeline as Pakistan is the most economical route for the implementation of the project. However, Islamabad in recent months has vowed to guarantee its security.

Pakistan has announced it would offer India guarantees to safeguard the security of the proposed natural gas pipeline running through its territory.

"The government of Pakistan will be willing to give any guarantees as far as the security of supplies is concerned for this multi-billion dollar project," Hilal A. Raza, Pakistan's Director General of Hydrocarbons was quoted as saying.

Pakistan could earn between $300-400 million a year in transit fees from India and Iran if the proposed 2,500 kilometer pipeline which would transport gas from southern Iran to India via Pakistan, is built via its territory.

Given the political developments between the two neighboring countries in recent days, the entire region is now looking for openings in the implementation of the major gas projects for two major reasons.

Firstly, in an effort to create an atmosphere of friendship between India and Pakistan leaders of the two countries should identify the lost opportunities for further economic cooperation and secondly, realize the point that future goals cannot be attained in the absence of deep-rooted economic efforts today.

In their fourth joint gas committee which was held in New Delhi recently, Iran and India reached satisfactory results through holding effective talks.

Now that Iran and India have reached agreements on conducting feasibility studies for the pipeline project, it is high time for Pakistani and Indian leaders to expedite realization of such a giant and strategic regional project through adopting a peaceful approach toward it.

If the Agra Summit meet guarantees such an achievement which is highly expected of the two neighboring countries, it could be said that no doubt Iran-India gas project can become a harbinger of peace.